Hello Everyone! How you doing?

My question for today is what is the best way to cancel a credit card account? I have a credit card from First Premier Bank and I went over my credit limit. My $25 payment was a week late and I got charged with having a over the limit account. I have to pay it by the 3rd of each month. Ive had the card for a year now and paid my bill ontime, but this time I kind of forgot about it but I did send it.

Anyway, I can pay the $85 but there is NO way in hell that I can get it paid by the 3rd of next month so Im just thinking about cancelling it so I don't have a over the limit account once again.

Any help? Thanks!

There is only one way to get rid of a credit card account, pay it off entirely, cut up the card and phone the company.

Did you think you could just leave it and they would forget what you owe? They willl send you notices until you pay it off.

Your credit card balance just isn't going to disappear.

Tick

Well I think I know that much lol. Im not dumb. I know that I have to pay it and I said that I would. What I was saying is I want to cancel it because there is no way that ima be able to pay the $85 by the 3rd of next month. So what is going to happened then is ima get charges again! So I'm going to have to pay the $85 plus some and for what? When I can just get rid of the account and make payments on the $85. There is no point in me keeping the account at all if I KNOW that I won't be able to pay it. That's is what I was saying

If I cancel the account, I can make payments on the $85 on my own time. Can't get charged multiple times for an account that is terminated

Quote:

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Originally Posted by HotPotato2009

If I cancel the account, I can make payments on the $85 on my own time. Can't get charged multiple times for an account that is terminated

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It doesn't work that way. They will want you to pay on time, every time, if you don't they will keep adding late charges and interest fees. That is what they are all about. The interest fees. You can't just cancel it and pay when you want. You don't terminate them, they don't let you go until you pay up the way they want. It is either that or they turn you over to their collection agency and keep on charging interest.

Tick

Well this is my two cents worth but from what I understand first premier bank is the one of the worst cc any one can have and by the way with the new credit card laws coming into effect this company has figured out a way to increase their rates,don't know how, just caught the end of a news brocast talking about first premier credit card so If I was you I would pay it off and cut it up and forget it!

DownUnder - Yeah that is what I had planned on doing. Cutting up the card and paying the bill off. You think I should mail the cut up card to them so they know that Im serious about not wanting it anymore? Im going to call them and tell them too.

Pay your bill in FULL then cancel your card and notify them that you are cancelling your card by phone although with this company you may have to do it in writing,If it was me I would not waste a good stamp!

Ok. Thank you DownUnder. I will do that then. I appreciate your help

You can not just "cancell it" if you owe money on the account.

You have to
1. stop using it
2. pay it off, if you don't make their payment schedule, they will start adding higher and higher fees, late charges and double or triple the interest rate.

So you need to pay on their schedule till it is paid off and then you cancell the account

Ok thank you. I am in the process of getting money together to pay that now. I already cut the card up so...